- You just bought a fashion boutique in downtown (or your hometown—you pick) that’s been around since 2012.
These businesses are fictional, but you are free to incorporate actual local and regional data when writing your paper. For instance, assume that your store exists along with the other stores that also currently exist in downtown. Helpful information about your downtown is easy to obtain online (census data, for instance), or is just a short walk away (maybe you want to see what buildings are currently available for lease, for instance).
For any of the three businesses above, the basic financials are as follows:
• 2016 gross sales: $630,000
• 2017 gross sales: $750,000
• 2018 gross sales: $670,000
• 2019 gross sales: $650,000
• 2020 projected gross sales: $620,000
Over that time, your store has also averaged the following:
• Cost of Goods Sold (COGS) has averaged about half of gross sales (50%). So COGS was about $315,000 in 2016, for instance.
• Payroll has held steady at about $180,000 per year. The previous owner took a modest $30,000 salary (but was also entitled to all the profit as the sole owner of the company).
• The owner retired and no longer works for the company. There are two other full-time employees who are each paid $35,000 per year (no commission). One has been there 5 years and one has been there 1 year. There are also 6 part-time employees—mostly college students. They have each worked at the store an average of 9 months.
• The profit margin has held steady at about 6% per year of gross sales. Example: the profit in 2019 was 650,000 x 0.06 = $39,000.
• You paid $116,000 for the business, along with an additional $103,000 to purchase the unsold inventory and equipment in the building. You put 1/3 of your personal savings down ($73,000) and borrowed the remaining amount from the bank at 5% interest on a 10-year loan.
• You rent the 1,500 square foot building for $1,200 per month. You have 12 months left on the existing lease; the lease period has renewed every 5 years.
Pros & cons
Before deciding to purchase the business, you made a list of pros and cons, but you know this list is not comprehensive.
Notes that you took prior to purchasing the business:
• The business is consistently making money, but you’d like to increase your profit margin.
• Gross sales have been trending downward.
• You have a small pocket of loyal customers, but you suspect most customers are infrequent visitors to your store. You don’t currently have data to support this.
• The business did very little marketing (including promotion) prior to your ownership. The previous owner spent maybe $2,000 a year on un-itemized “advertising” expenses. Maybe that’s okay?
• The location is okay. Nothing great. The building is old, but doesn’t have a lot of problems. The business has never been in another location.
• One full-time employee is very experienced, but not very “nice.” The other full-timer is nice, but not experienced. Your impression of the part-timers is that 2 of them do nothing, 2 of them are rising stars (but are likely only sticking around until they graduate, or until summer comes), and 2 of them are somewhere in between.
• The previous owner wasn’t around much. She was the only person with the “manager” title. The other experienced full-timer would step in and boss people around as needed. The managerial hierarchy is relatively flat.
• The business really hasn’t adjusted its strategy or done anything new in the last 5 years.
• For the most part, the culture is hard to pin down from your limited interaction with the employees. They seem to get along okay. They get the job done, but they don’t seem to go above and beyond, with the exception of a couple employees. You wonder why they lack motivation. The more experienced, more senior employee belittles the younger employees when they “work too hard.”
• You’d like to learn more about the sense of direction, communication, mission, and leadership within the organization. When you spoke with employees about their job duties, the answers were mixed, or you got a, “I dunno, I do a little of whatever, I guess.”
• Nothing spectacular about the business immediately stands out, but you assume that it must be doing something right to still be in business and making a profit.
• You believe that competition comes in various forms, both locally and online.
Your job: Write a plan for how you will manage your new business. Think about both the short term and the long term when making decisions.
- Use APA or Chicago format. You may start with the APA paper template that I uploaded to Canvas.
- Each milestone should be approximately four to five pages in length, and your final paper will likely be 16 – 20 pages in length. Make your paper double-spaced, and in 12 point font (Times New Roman or Arial).
- You should cite the textbook approximately 10 times in each milestone. Also incorporate at least one additional reference (ideally a scholarly journal article), in addition to the Williams textbook in each milestone. Use citations appropriately and according to the APA or Chicago style that you chose. You MUST incorporate outside sources in order to have your paper be considered for an “A.” In addition, good papers will cite the Williams textbook over and over again, demonstrating that you have a good understanding of the textbook content and that you know how to apply it in a practical way to your business.
- Include at least one new figure, chart, or graph with each milestone. It is best if you create your own. Here are just a few ideas: charts showing anticipated sales data, market trends, confidence indices, census data, marketing pieces, your proposed management hierarchy, financial statements, a calendar timeline, SWOT (required). Feel free to incorporate your own ideas.
Answer/incorporate all of the following when writing your paper. These questions cover content from Chapters 1 – 14. Be sure to justify your decisions (back them up with reasoning, including sources from the book, data sources, and outside journals.) You will need to be thorough, but concise.
- For this Milestone, you must have your paper formatted correctly according to APA or Chicago style, including title page, running head, bibliography section, etc. Remember to use headings and sub-headings frequently. Table of Contents and abstract is not required.
- Look back on the history of management (Chapter 2). What specific lessons can be learned from other historical leaders in management and how will you apply these lessons to your new business?
- What will be your managerial role in the new business and will there be other managers? What types of managers will each of you be? (team leader, top manager, etc.; Chapter 1). Based on your own self-evaluations and self-reflection conducted throughout the semester, what do you think your strengths and weaknesses will be as a manager? Where might you need to hire help to make up for your weaknesses?
- Discuss the general and specific environment for your type of business. Reference Chapter 3. Remember the PESTEL analysis we discussed? Utilize outside sources specific to your industry as well as the general economy, such as online industry reports, consumer confidence indices for the state and other business confidence indices. Here is just one other example for evaluating your environment (come up with your own): is your industry made up of a lot of small stores with high competition and low margins, for instance? What does it look like locally? Are you highly regulated? What role do suppliers have in your business that might affect the way you manage? Etc. Etc. Again, these are just examples. Reference Chapter 3 for more ideas about what to analyze in the “environment” and consider searching for information about a PESTEL analysis to make this process easier for yourself.
- Also from Chapter 3 . . . what problems and opportunities do you see with your business’s culture and what do you plan to do about them?
- Describe the specific policies and procedures you plan to put into place to ensure your business lives up to your ethical expectations (Chapter 4).
Extension of the event of E. coli in the network As a human administrations overseer in the event of contamination, I will take all vital measures to speak with youngsters, guardians and clinical staff in an opportune and viable manner take. My main concern is to confine illnesses however much as could be expected and to permit those effectively tainted to get the treatment they need (Graham-Clay, 2005). In the event that infections, for example, Escherichia coli happen in a nearby secondary school, we will quickly educate the clinical staff. Escherichia coli diseases from food cause genuine sickness, which can prompt genuine ailment and once in a while passing. Since treatment is restricted, counteraction by overseeing food preparing is critical to control the event of these ailments. Nonetheless, E. coli is profoundly flexible, versatile, can convey and move DNA, makes new strains and is impervious to current preparing and control techniques. Further exploration is required here before unlimited authority is gotten. Intestinal hemorrhagic E. coli is a perceived infection because of the event of an economically accessible inexpensive food burger. Manifestations of bacterial disease by E. coli incorporate extreme looseness of the bowels, normally blood, stomach torment and regurgitating. Kids younger than 4 are bound to build up this infection. Related nourishments incorporate uncooked hamburger, unsterilized milk, juice. Polluted water can be brought about by fecal sullying of individuals who have microbes. Indeed, even disinfectants utilized in certain items will be unable to viably obliterate microbes. Consequently, it is suggested that individuals with inabilities in the invulnerable framework and other high-hazard bunches abstain from eating sprouts. Chloride-treated fledglings are still connected with the improvement of E. coli and Salmonella (Taormina and Beuchat 1999). Treatment incorporates strong consideration and checking of renal capacity (CDC, 2001). Much of the time, antibodies are contraindicated. The final product of kidney disappointment might be deathThe introduction of George Orwell's humorous animal ranch composes that "All the lines I composed since 1936 since 1936 legitimately or by implication restrict tyranny." The remainder of this book is composed as "Same as vote based communism I see", yet it has been precluded from the 1956 release. Orwell is known as a deceiver to communists and a legend to one side. Not exclusively is the animal homestead imitated by Stalinist Russia, it additionally shows that Russia is certainly not a genuine social vote based system. Points that can improve the administration's vocation include: public talking, reporting, relational correspondence, media framework presentation, correspondence hypothesis, correspondence research technique, hierarchical correspondence, conversation and conversation, manner of speaking hypothesis and analysis , Political correspondence, influence, media execution, tuning in, correspondence morals, execution research, execution. The connection among computerization and correspondence has gotten the subject of broad exploration by correspondence specialists. Numerous correspondence divisions offer specialization in data science, human data hypothesis, and cycle or correspondence innovation, which regularly incorporates PC based correspondence, packed video and remotely coordinating. Correspondence is wherever in the improvement cycle. Correspondence incorporates broad communications, broadcast communications, data and correspondence innovation (ICT), composed relational correspondence, and all the assets that society uses to make data stream. Its motivation is to urge individuals to give data, instruct, convince, engage, persuade, and advance social changes that add to the improvement of the nation. As indicated by Fraser and Restrepo - Estrada (2001), it states as follows. Correspondence is a fundamental aspect of the advancement plan from the beginning, recognizing issues and needs, and assuming a significant function in point by point measures. Assessment ... Correspondence requires clear objectives, distinctive client distinguishing proof, cautious data plan, and observing and criticism. " MRSA contamination was initially restricted to clinics and uncommon nursing home, particularly individuals who are feeble in the resistant framework. Since the 1980s, network type cases and pestilences have likewise been accounted for. The cases got in the network are cases not identified with hospitalization or dialysis, medical procedure or catheterization in the previous year. These contaminations normally happen in other sound individuals and are probably going to be restricted to skin diseases. Nonetheless, over the previous decade, the expanded pathogenicity of MRSA microorganisms has brought about more genuine, once in a while lethal network diseases. As of late, MRSA has been found in eatable creatures, and a few episodes are "food incited" or foodborne. In one such flare-up, contaminated individuals created commonplace side effects of foodborne sicknesses, for example, regurgitating and stomach cramps.>GET ANSWER